Munich Re News

Munich Re to Spend $1.1B by 2020 to Restructure Primary Insurance Unit

Munich Re, the world’s second-biggest reinsurer, plans to spend 1 billion euros ($1.1 billion) by 2020 restructuring operations at its loss-making primary insurance unit in Germany. The plan for ERGO’s German operations includes cutting 1,835 jobs, or about 13 percent …

Rio Olympics Will Proceed – Despite Zika Epidemic: Munich Re Underwriter

Should the Olympics proceed in Rio de Janeiro in August as planned? With the lighting of the torch set to take place in less than three months, a handful of medical experts are calling for the games to be postponed …

Re/Insurance CEOs Join Insurance Development Forum, UN & World Bank Initiative

A group of re/insurance and global broking CEOs are assisting the work of the Insurance Development Forum (IDF), which was launched last month to help build resilience to climate risk and natural disasters, while bridging the insurance protection gap for …

Munich Re’s Q1 Net Income Drops to $489.9M; Annual Profit Target Revised

Munich Re, the world’s second-biggest reinsurer, revised its full-year profit target to include restructuring charges at its primary insurance unit and losses on equity investments that hit first-quarter earnings. The shares fell to the lowest in more than eight months. …

Allianz Q1 Profit Rises 21% to $2.5B, Helped by Gains from Selling Investments

Allianz SE said first-quarter profit surged 21 percent, beating analysts’ estimates, as Europe’s biggest insurer was helped by gains from selling investments. The shares rose. Net income climbed to 2.2 billion euros ($2.5 billion) from 1.8 billion euros [$2.1 billion] …

HSB BI&I of Canada Offers Equipment Breakdown Cover for Microelectronics

The Boiler Inspection and Insurance Company of Canada (HSB BI&I), part of Munich Re, announced the introduction of TechAdvantage™, its new standard equipment breakdown policy. The company said it is the first equipment breakdown insurance product covering undetectable physical damage …

Munich Re Issues First Quarter Profit Warning on Lower Equity Investments

Munich Re, the world’s second-biggest reinsurer, fell the most since August 2013 after saying first-quarter profit will be lower than it previously expected. Earnings for the quarter will also be lower than a year earlier after market turmoil caused the …

Global Financial Leaders Warn About Dangers of Negative Interest Rates

The chorus of global financial leaders warning about the fallout from negative interest rates is getting bigger. Nobuyuki Hirano, president of Mitsubishi UFJ Financial Group Inc., lambasted the Bank of Japan’s negative rates last week for putting banking stability at …

Beazley & Munich Re to Offer Broad Cyber Cover for Large Global Companies

Beazley, a pioneer in data breach response insurance and the largest insurer of cyber liability risks in the Lloyd’s market, has partnered with the Corporate Insurance Partner unit of Munich Re to offer broad protection for the digital assets and …

Update: Munich Re Counters Negative Interest Rates by Boosting Cash Reserves

German reinsurer Munich Re is boosting its cash reserves in the face of the punishing negative interest rates from the European Central Bank, it said on Wednesday. The world’s largest reinsurer is far from alone in seeking alternative investment strategies to counter the near-zero or …